India Considers Ban on Cryptocurrencies

According to local publication The Economic Times, the Indian authorities are reportedly working on the development of a bill aimed at banning cryptos in the country.

An official familiar with the situation said the country's government is conducting a series of consultations among its ministries on the bill, known as "Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019".

The idea of completely banning the sale, purchase and issuance of all types of cryptocurrencies seems to be supported by a committee consisting of several government agencies, including the Department of Economic Affairs (DEA), the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA).

The committee could also be considering banning digital coins under the Prevention of Money Laundering Act (PMLA), as these could allegedly be used for money laundering.

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